FX.co ★ Indicator analysis: Daily review of GBP/USD on July 5, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2709 (closing of yesterday's daily candle) to 1.2688, the 38.2% pullback level (red dotted line). In the case of testing this level, the price may go up with the target of 1.2749, the 61.8% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - down;
• Weekly chart - down;
• Bollinger bands - down.

General conclusion:

Today, the price may move downward from the level of 1.2709 (closing of yesterday's daily candle) to 1.2688, the 38.2% pullback level (red dotted line). In the case of testing this level, the price may go up with the target of 1.2749, the 61.8% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2709 (closing of yesterday's daily candle) to 1.2640, the 38.2% pullback level (blue dotted line). In the case of testing this level, the price may go up with the target of 1.2749, the 61.8% pullback level (red dotted line).